China Home Prices Extend Slide in February

SHANGHAI—The average price of new homes in 70 Chinese cities fell further in February amid sluggish demand due to the Lunar New Year holiday and fears among potential home buyers of more price cuts.

On a year-over-year basis, the average price of new homes dropped 5.7% in February, after a 5.1% decrease in January and a 4.3% fall in December. It was the sixth month in a row of declines, based on The Wall Street Journal’s calculations from data released Wednesday by the National Bureau of Statistics.